HomeMy WebLinkAbout2119 insure~l ur gu:in~ntce~l hy n F~~lerul ur ~t:u~• u~;em•~~ ~iu~•lu~iiu~; l.e~~~l~•r'if ].~uler i. su~•h an iu,titution~. T.ender
~i~all applv the F~~nd, to ~?t~y :,ai~l t:~xe~. :~~~r~.•~u~~ut~, imuriuu•~• ~~rrmiunr ~ui~l ~;r+~u~t~l ~Y•i~t~. Lrrni~~r ~hnll n~akc na
, char~e for so holdin~:in~l x~?f?lying the F;u~d~ or ~•~•rif~~in~; :?ml ~•u,u~~ili~~~; ~:~id :~~~ca.~u~~~~t~ :iud bill~. Borrower and
I.endermnv:iRrec in•«•ritin~ o~t th~~ tiin~ of ex~~~ution of thi• ~Iort~uK~~ thut intc~m•t on the I~unds SIIAII IM (1RI(I ZO
Rorm~~~er, un~l ~ml~:c. such n~reenu~nt i• ma~i~•, I.~~n~i~•r ~hall nat !,e iYy~uinYl to ~ia~• Rorm~~•cr au~~ intcrest on the
l~'unds. I.ender ~hnll ~i~•c to Rorm~~•cr. ~~•it{?ont cht~rE;e. un :tnnual ac~ountin~; of the Fun~ls •ho~~ii~~ cmdits and
~lebits to tlie Fun~ls iind the ~~urpose for «•i~ich each ~IeLit. tu the Funds ~va.c n~ade_ The Fun~is ure ~~lcyl~ed nQ addi- ;
tional security for the sums secureci b~~ thi~ \lon~;a~;e. ;
1f the amount of the Fnnds held I~y Lender, to~;ethcr ~~•itl? tiic futurr montl~h• in~t;~llment, of Funcls payable
prior to the due datc~ of tuxes, n~c.~.~iueuts, insuri~u~•c ~?remium. ;~nd ~;round mnts. ~h:~ll exceeil the amount re-
~~uired to pt?y said taxes, asses~n~ents, insurnnce ~?reutium~ :ind ~;round rents ~s they fall ciue, tiuch excess shall be,
at Rorro~ver:s o~~tion, rither pm~uptl~• repaid to I3orru~~•er or c•r~~ciitctil to Borro~~•er ou monthl~~ inst~llments of
Funds. If the ~mount of the Fund~ held I~~• 1.~udcr shall not IM ~i~f.~'ici~•nt to ~i~~ t:~xes, .?sse`~ments, insurance pre-
miwus nnd ground rents us the~• fnll ~iuc, I3orro«~er shali ~~i~~• tu Lender nm• :?monnt. nece~~ary to mnke up the
~leficiency ~vithin thirt~• ~iays ;ifter notice from l.endcr to Borrn~cer requcstin~ ment thercof.
Upon payment in fall of :?ll ~um~ ~c~•urcYl 1,~• thi~ \lortgn~;~~, Lender shnll ~~ro~npth• retund to Rorro~ver nn~
Funds held bv T.ender. ;
If t~nder ~~srngrAph 18 hcreoi the Yropcrt~v i~ s~ld or tl?e Yropcrt~• i. other~vise :icquired hy I.ender, T.ender ~
~hall ap~~ly, no Inter thnn immeclinteh ~~rior to th~ ~nl~ of th~~ Fropert~ or its :~~ryui~itio» h~ T.euder. :?ny Funds
held by I.cnder :~t thc time of :l~)~1I1CA110O ils a c~r~lit :i~uiust th~ •wn. see•uir~i 1?~• thi~ \iort~a~e. ;
3. Application of Paymeats. Unle•• ~p~?licahle I:?~~- ~~ro~~idc• Of~1C1'~t'I~P. all i~:i~~~uent. receive~i b~~ i.ender ~
uuder the Notc and ~r.u•ngrnph: 1 und 2 I~ereof shall l~c a~?~~licyi 1~.• I.ender fi~.t 111 ~)R~ lllCllt of amounts ~n~~nUle to
I.ender hy Borm~~cr ~mder ~?srn~rapli 2 lu~rcof. thcn to int~•~•e~t ~~:?~•.?I?Ic an the \Totc• :~mt on Fiittnr :1rl~~ances, if
:?ny, and then to the ~?rincip~l ot the \'ote aml to thc• ~n•inci~~al of Futun~ :1d~•anee., if an~•.
4. Charges; Iaens. Borro~~er shnll pnr ~il taxc~, a~.•e~~mc~its :u~d otl~er charges, fines Rnct im~iait.ions attrib-
utable to the Propert~ which mRti- sttain ~~riorit~• over thi~ \Iort~a~e. ;m~i ground rents, if any, at I.ender's
option in thc n~auuer ~?rovidcrl undcr ~?,u~~igr,~~~l~ 2 hc~rcof ur I~~• Borro~rer ~nakin~; ~~a~~ment, when due, directlv to ~
the pnyec thercof_ Borro~~•er ~hall ~?rom~~tl}• furni~l~ io L~~nd~r :~II noticc~ of :imo!~nt~ ~iue nnder this ~~u~7?graph, ~
:u~d iu thc e~•ent~ Borro~~•cr ~hall ~nak~• pa~ment ~li~~ectl~•. Rorro~~-cr ~hxll prom~~th• furni~h t~ 1.cncicr receipts evi-
~lencing such payn~ents. Borro~~~et• •I~all ~?roinpth• ~li~~hv-~;c an~~ lic~~ ~~•hich ha~ priorit~ o~•cr thic \tort~age: pro-
~~ided, tl~at i3orro~rer shnll not. be requircvi to di~eh.u•~;e an}• ~uel? lien so long as Rorro~~~er si~All n~me in ~criting to
the p:tymcnt af the obligation ~ecurec! h~~ ~ucl~ lien in mannrr :lc~~ept:ihlc to I.cnder. or shall iu ~oal fait!t rontest
~uch Iien by, or ~lefend enforcement of ~ur.h lien iu, le~al ~~rocecYlin~• n•hieh operate to pre~~ent. the enforcement of
the lien or forjeitun of tlie 1'roperl~~ or an~• ~~nrt thereof.
5. Hazard Insurance. Borro~ver ~hall kec~? the in~~n•o~-rine~it• nc?~~• ~•xistin~; ot• hemufter er~c!ecl on the Prop-
~~r't~• inwrc~cl agaiusi, ]oa, by fim, L.izn~Yis include~i ~vithin the ter~n "extendeci coverage", Rnd such other hazards a~
I.ender ~u~y require and in .u~li amoimt~ and for ~ucl~ ~?eriak a~ L~~n~i~r wa~• rc~uim; ~rro~•idc~l, tliat I.ender shal)
not requim that the atnount of such ~~o~•crage excce~l t6:?t amount of +•o~~erage requircYl to pa~ the su~ns secured by
this ~~Iortgage. - ~
The insurance carrier ~?ro~~idinK the insen•uu~~c shall 1?~• choscn I~~• Borro~ver ~ubjerf fo appro~•al bt T.ender: ~
E~ro~•idcKl, tf~at sucl~ appro~•al sl~al) not be wireas~nabl~ ~vithl~rld. :111 premiums on insurance ~~olicics ~hall he paid ~
at I.ender's option in tl~e manncr ~~ro~-i~ic~l under ~?ara~ra~~l? 2 her~of or I~~• Rorro~~•er u~skin~; ~~ayment, when duc. ?
~
~lirectly to the insurti~ice carrier.
:1l1 insurance polieie~ :~ncl ~~cue~s:il• thcrcoi •liull lu~ iii forni .~rc~y~tahl~• to L~u~ie~• au~i ~i?all in~l~~dc~ st:~ndarti ~
uwrt~age rlausc i~i fa?~•or of an~i in form :i~ce~rtable tu Leu~ler. I.t~n~ter ~hal1 ha~•~ tlic ri~h! to hol~1 th~ ~~olicies snd ~
renewnls t{~ereof. :?nd I3orro~~•er ~hall ~~ro~npth• furnich to 1.c•n+ier ail rene~~•al notice~ an~! :ill reeci~its of paid pre-
~niums. In the c~•ent of lo~s. Borro~~~cr sl~all gi~•c ~irom~~t notic~~ the iu~uran~~ ~arrier an~~ I.en~icr. nnd I.ender ~
m:?t eu:tke ~?roof of lo~s if not. m:~de prom~~th- hy Borro~ver. ~
Unless t.en~ler .uui Rorro~~-cr oti~er~ci~c agrec in ~~•ritin~;. iu~~u:?n~~c ~~roceed~ ~I~all be ai?~~lic~i to restoration or ~
' reE?air of the Yro~?crt~- ~ian?:tg~~l. ~?r~~~i~lc~l ~u~li re•tor:ition ~?r re~~:iir i: ~~~~nnonii~~all~~ fe:?~il?l~• :~n~l the ~eci~rit}• oi '
~ this ~tortgage i. i~ot tLerch~ impnire~l. If such restorntion ~~r ~r~~air i< nof r~onomical{}• fe:~~ihle or ii the securit~~ ~
of this \[ort~age ~sould be impairal, tl~e imui.3nce j,ro~ee~l~ sl~:ill :~~?plierl to th~ .um; .~ecure~l h~- tl~i~ \~ortgage, ;
:
~ ~~~ith the excess, ij .u~v, ~>airi to Borro~cci•. lf tlic }'ro~~ert~~ i~ :?h~n~lonc~l I~~- Barro~~•cr or it Aorro~~•er fails to respond ~
to l.ender ~~-ithi~e 30 d~t•. :tfter notice h~• Lender to Bor~t~~r~~r tl~;it ti~c~ in~iiran~c cari•ier of~e~~ to settlc a elaim for ~
= insurasice henefils. I.c~?~ler i: ai~tl~orizecl to colle~~t :in~l a~}~{~h• th~~ in~u?•:?n~~e ~?roc•ec~l: .it I.ende~'~ o~~tion either to =
~ ~-estoration or repair of tlie Yro~mrt~• or to the senu~ sectur~l 1?~- tl~i~ \tortg:tige_ r
~ Unless Lender an~i 13orro~~•er other~~•ixc zgree in ~critin~. a»~• ~u~~li api~licatia~ of ~?roceecl~ to principal shall ~
~ not extend or post~~one tl~e duc ~iate o1 tlz+~ u~onthh- installn~enk~ r~fer~r~l to in ~?ara~r:~~~h~ 1:~nd~2 i~ereof or chanRe ~
~ ihe amount of such instalhnents. ;
~ If un~ier ~~aragra~~6 18 hereof thc Yrol~crt}• i~ :?c~~tii~r~i 1?}- Lcu~ler. all ri~ht. titl~ :in~l iiitere~E of Borro~r•er ir s
~ ;uul to ~n~- in~urance ~?olicic~ anrl iu an~t to !lic ~~r~~~•ee~l~ tLcreof ~t~? tlir ~:~tent of tL~~ :nm: :c~in•~•~i 1?}• thi~ \iost-
~,age im~nedi~tely prior to ~uch ~~1~~ ur .~cqui~ition~ rt~.;nltint; (rinn ~lani~gc to tL~• Pro~~crt}• ~n•ior to the ~ale or ?
~ :tC(~UI31t1011 S}IRII j1A~~ to I.ender. ~
s =
~ 6. Presemation cmd Mainten~ce of Propesty; Leaseholds; Condominiums. iiorron•cr ~hc~ll kcep the Yro{~- ~
~ rrty in goal repair .~ncl shall not 2~ermit or conunit ~~-:tistc. im~~ainucnk, or ~leterioratiou oi th~~ Yro~~ert}• and shall
; ~•on~~?ly ~~•ith thc ~~ro~~isiom of .an}• Ic.?sc~. if tl~i~ ~tortgagc• i~ on Ic:eschol~l. If thi~ ~Iortganc i~ on a condominium i
~ ~nzit, Borro«~cr ~hall ~~erforn~ all of Borro~~-er'~ otili~ation~ nrnl~r thc ~1~~laratirni of coi2~iominium or master deed, .
the 1?y-ln~cs an~l i~eKul~tion~ oi the• c~on~lominium ~~rnie~t :u?~I ~•on:titi~eut clocwnent~.
7. Protection of Lender's Security. If Borro~~-er f:iii~ tu ~~~~rforni tlic co~•en:tnt~ .~n~l .?hreenicut~ contained in
this j(ortgage. or if an~' action or Irrocec~lin~ i~ comuiencc~! ~~•hi~•h ~nateri.~lh• affect~ i.cn~ic•r': interest in the Yrop- ;
erty, incluclin~. but i~ot limite~l to. emi~ient don~uin. ii~~ol~-cn~~~•. ~~al~• ~•niorce~uent. ~~r arr:u~~cuient~ or ~~roceed- ~
F ings im•oh•ing u bankrupt or decedent. then I.ender at I.en~ler'~ o~iti~ru. ~~~~on notice to Rorro~cer. ~ua~~ make such "
- :~~~pearnnces, disl,urse ~uch •uiu~ an~i take ~n~L :~~tiou as i< necc~~ar~- to ~~rote~t Len~ler'~ interest. iuch~ding. Uut
~ not liniited ta ~lisbur~emcnt ot rea~onable attorne~•'~ fe~~ :ui~l ~ntn• u~~on the }'ro~iert~• to n~ake repair~. Any
~ :?mounts dishursed b~ I.endcr ~?nr~uant to thi: ~r.u•agra~?h 7. ~~-itl~ int~r~,t thereon. shall hecome a~i~.litional indebt-
c~lness of Rorro~?•cr ~ccum~i 1?~• thi~ ~Iort a c Unlc~s Borrm~~cr an~l l.~~rnicr mc to other tenu~ of ~3vment, such
~ K R g 1~`
~ amounts ~hall be rayable u~?on notice from T.en~ler to Borro+crr rcr~ue~tin~; ~~a~n~ent thercof. :?n~1 sl~all tiear inter-
~ est from the date of disbur~ement at tl?c rate ~tate~l in the ~otc~ ~~ule~~x ~r,~}•ment of interest :it ~uch rate ~vould be
~ contrary to ap~~licat~le la«•, in ~~•hich c~•ent ~uch :imrn~nt~ ,I~:ill l~c:~r it~tere~f at th~ 1?i~he~t rate ~~ennissible by ~
~ .~pplicable la~ti•. \othing ~•ontained in tlii~ ~~ar.~};ra~~li 7~hsil rc~~uin• l.cnder to incur an}• ex~?ense or do Any act
~ hereunder. '
` q K 239 2~.3 ~
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